Continue to analyze the business venture you chose for the week 1 project assignment (See description below)

Anonymous
timer Asked: Dec 11th, 2018
account_balance_wallet $25

Question Description

For this week's essay assignment, you will continue to analyze the business venture you chose for the week 1 project assignment. Make any corrections requested by your instructor to the business description assignment you submitted last week and simply add sections to cover the two areas below. After you have read and absorbed the lesson material this week, head into the library and internet and locate information sites regarding the products or services to further analyze the potential for the venture, and to begin analyzing the potential for this business. You will want to cover the following areas in your write up this week:

  • An industry overview in the U.S. and in the location you will potentially start this business
  • Information regarding the competitive environment
  • An analysis of the market that identifies risks, opportunities, trends in growth
  • Franchise opportunities

Here is your mission for the sections you will add to your Week 1 project:

1. In some detail, identify the market segments and the trends in those markets. Include expert assessment of the potential for your venture, and the risks and potential stumbling blocks to entry. Provide evidence that a new player is needed in your local market by doing some market research that identifies competitors already in your region. Look for credible sources and research to support and explain what this business venture is and how it works in the economy.

2. Generate a complete list of the types of information you would need in order to begin to build a business plan (e.g., market size, rate of growth, number of competitors, etc.) and supply with each your insight into how to gather this data. Collect and record only credible sources and research to support and explain your list. You should cite specific articles and/or organizations (e.g., an article in the Wall Street Journal, or the National Association of Pharmaceutical Manufacturers)--be sure to collect information from both library (scholarly) and web sources.

Instructions:

This essay is to be a minimum of 1000 words and you are to include a minimum of three credible sources from you research in order to support the writing of a business plan. Be sure your references are in APA format. Discuss each source and how it will benefit you if you were writing a business plan. You should have a minimum of 6-8 sources and 3 of those should be from the library or government websites. If you are unsure about what an annotated reference list is--here is a quick video series that might help:

Unformatted Attachment Preview

Running head: ASSIGNMENT TITLE HERE Typing Template for APA Papers Student University 1 ASSIGNMENT TITLE HERE 2 Abstract An abstract is a brief, comprehensive summary of the contents of a paper (American Psychological Association, 2001) that runs a maximum of 120 words. It should contain a synopsis of the points in the paper, but also be readable and well organized. To use this page of the template, simply delete this paragraph and start typing. The formatting should stay the same. ASSIGNMENT TITLE HERE 3 Typing Template for APA Papers This is an electronic template for papers written in APA style (American Psychological Association, 2009). The purpose of the template is to help the student set the margins and spacing. Margins are set at 1 inch for top, bottom, left, and right. The type is left-justified only—that means the left margin is straight, but the right margin is ragged. Each paragraph is indented five spaces. It is best to use the tab key to indent, since five spaces on the computer is different from five spaces on a typewriter. The line spacing is double throughout the paper, even on the reference page. Two spaces are used after punctuation. The font style used in this template is Times New Roman and the font size is 12, which is now required in APA 6th edition. First Heading The heading above would be used if you want to have your paper divided into sections based on content. This is the first level of heading, and it is centered and bolded with each word of four letters or more capitalized. The heading should be a short descriptor of the section. Note that not all papers will have headings or subheadings in them. First Subheading The subheading above would be used if there are several sections within the topic labeled in a heading. The subheading is flush left and bolded, with each word of four letters or more capitalized. Second Subheading APA dictates that you should avoid having only one subsection heading and subsection within a section. In other words, use at least two subheadings under a main heading, or do not use any at all. ASSIGNMENT TITLE HERE 4 When you are ready to write, and after having read these instructions completely, you can delete these directions and start typing. The formatting should stay the same. However, one item that you will have to change is the page header, which is placed at the top of each page along with the page number. The words included in the page header should be reflective of the title of your paper, so that if the pages are intermixed with other papers they will be identifiable. When using Word 2003 at a minimum, double click on the words in the page header. This should enable you to edit the words. You should not have to edit the page numbers. In addition to spacing, APA style includes a special way of citing resource articles. See the APA manual for specifics regarding in-text citations. The APA manual also discusses the desired tone of writing, grammar, punctuation, formatting for numbers, and a variety of other important topics. Although the APA style rules are used in this template, the purpose of the template is only to demonstrate spacing and the general parts of the paper. The student will need to refer to the APA manual for other format directions. A sample reference page is included below; however, this page includes special spacing and formatting. The examples on the following page include examples taken directly from the APA manual. ASSIGNMENT TITLE HERE 5 References (Samples) Daresh, J. C. (2004). Beginning the assistant principalship: A practical guide for new school administrators. Thousand Oaks, CA: Corwin. Herbst-Damm, K. L., & Kulik, J. A. (2005). Volunteer support, marital status, and the survival times of terminally ill patients. Health Psychology, 24, 225-229. doi:10.1037/02786133.24.2.225 U.S. Department of Health and Human Services, National Institutes of Health, National Heart, Lung, and Blood Institute. (2003). Managing asthma: A guide for schools (NIH Publication No. 02-2650). Retrieved from http://www.nhlbi.nih.gov/ health/prof/asthma/asth_sch.pdf Running head: POTENTIAL ENTREPRENEURIAL VENTURE Potential Entrepreneurial Venture 1 POTENTIAL ENTREPRENEURIAL VENTURE 2 Abstract The potential entrepreneurial venture I have interest in and would probably consider starting in the future is a home inspection business. For all people, purchasing a home is a huge investment that leads to the need for due diligence. The role of home inspectors is to provide real estate buyers with an unbiased, detailed, inspection of a home for buying. It is an entrepreneurial opportunity that runs in bust and boom cycles and needs training and certification to venture into it. Our business will thus focus on offering high quality ethical home inspection services that will give peace of mind and education to clients while at the same time offering enough profits for our business to continue operations. POTENTIAL ENTREPRENEURIAL VENTURE 3 a. Home Inspection Business Home inspection entrepreneurial venture is a service- oriented business that aims at providing professional, ethical, friendly, and quality conscious services for home inspection clients (BizPlanDb, 2014). The business will entail maintaining visibility and giving high-value services in the chosen marketing niche. In the local market, home inspection is already available but there is more opportunity for new businesses wishing to enter the market. Therefore, I will have the opportunity to offer education to home owners, buyers, and sellers concerning the components and systems of a home and teach them about the significant of maintenance. Furthermore, through professional home inspections, our business will provide quality services. Through these services, the venture will be able to generate enough profit to finance its development and offer the resources required to attain all the other goals of the business. b. Target Markets and Demographics The venture would start its operations at the San Francisco in North California. Our home inspection buyers will target three main segments; buyers, sellers, and owners of homes. Majority of the already existing home inspection business are only targeting the seller and buyer segments, providing pre-listing inspection and buyer homer inspection services. Our business would purpose to attract a smaller portion of the seller and buyer clients and a bigger portion of the owner segment (Buyer's Choice, 2018). Therefore, the business will target the three segments, but the major focus will be on the owners segment since it is not majorly invested in by other home inspection businesses. The owner’s segment size and the presence of only a few other firms in the industry makes this segment a very attractive market niche. c. Advantages that makes our Venture Competitive POTENTIAL ENTREPRENEURIAL VENTURE 4 For our venture to be competitive in the industry, it will work on three different advantages. First, the focus will be on the owner’s segment through providing maintenance inspection services that are not currently provided by other existing home inspection businesses. The focus will as well be on the other two segments which will help to bring more profits to the venture. Second, the enterprise will provide inspection services with high quality far above the ones provided by the existing companies. Quality services will make clients to recommend us to their family and friends. When clients get satisfaction from our services, they will be a point of positive reference to direct future customers to our business. Lastly, our team will be attending real-estate activities and functions and offer more opportunities for learning to the clients (BizPlanDb, 2014). Through this participation and effective marketing, the visibility of our business will be enhanced. d. Skills, Knowledge, and Experience Needed The minimum education qualification for a home inspector is a high school diploma. However, our organization would prefer to employ personnel with skills in building inspection, construction, engineering, drafting, and home inspection. Furthermore, the venture will require one to have good knowledge on local building codes and safety regulations. Experience as a building inspector can as well greatly help in achieving more success in our business. The experience will provide one with working knowledge on structural integrity and foundations of buildings (Buyer's Choice, 2018). Personal skills are as well very crucial in this venture as one has to effectively explain inspection details to buyers, sellers, and homeowners. When creating inspection reports, as an entrepreneur I will need to be detail oriented, communicate excellently and have adequate knowhow about mechanical issues. e. Benefits of the Venture to Potential Customers POTENTIAL ENTREPRENEURIAL VENTURE 5 There are several ways in which the potential customers to our venture will benefit. To begin with, they will be able to acquire services of high quality ethical home inspection. They will be educated on the issues to consider when selling, buying, or owning homes and other buildings. Through this they will be able to gain peace of mind when investing in the real estates. Secondly, the home owners, sellers, and buyers will be able to learn through seminars and educational courses about home components and systems and they will thus be able to make sound decisions when engaging in this business (Gomez, 2018). Lastly, the owner’s segment of our potential market will have the opportunity to effectively receive high quality maintenance inspection services that they are not getting from competing companies. f. Marketing of our Services Our Home Inspection services will be marketed through digital marketing. According to BizPlanDb (2014), the world today is commonly using the internet and they therefore discover brands online first. Therefore, creating a website and ensuring that it is available in search engine will make it possible to immediately have an added advantage over our rivals. Through leveraging digital marketing sites, the business will have a better chance of potential customers discovering us. Marketing through word of mouth recommendation and television will as well work well for our services. g. Risks to Consider The following risks should be considered both to the start-up and to the long-term viability of the home inspection business. First, the failure to recognize that home inspecting not all about creating a website and inspecting home brings a great risk to the business. The business will require hiring a home inspector with a complete approved training course and with a working license. The lack of training, certification, and licensing will make the business to face POTENTIAL ENTREPRENEURIAL VENTURE 6 the risk of failing (Gomez, 2018). The other risk is the assumption that marketing is not necessary. Therefore, during the start-up and in the long run successful marketing is very essential for any home inspection business. Lastly, the lack of adequate investment into the business is another serious risk to the business. Simply acquiring the certificate to start home inspection and considering it enough may be a big threat both during the start and in the long-run operations of the business. Therefore, the business will have to invest well in marketing and tools needed to do the home inspections. The lesson learnt in this week has informed my decision to start this venture through equipping me with the essential issues that are needed to have a successful business in future. It has helped me explore the required skills, knowledge, experience, and tools needed to operate the venture effectively. It has as well helped me to be more flexible in future to address the needs and gaps in the home inspection market through employing the learnt market research and implementation strategies. The lesson has further taught me on addressing the threats facing any potential business venture and it is thus important to put enough effort and accept failure as the mother of every invention. POTENTIAL ENTREPRENEURIAL VENTURE 7 References BizPlanDb. (2014). Home Inspection Service Business Plan. Retrieved https://books.google.co.ke/books?id=uCYaAwAAQBAJ&pg=PA1&dq=home+inspectio n+business&hl=en&sa=X&ved=0ahUKEwjrgIKgxpDfAhULzoUKHRrA6IQ6AEINjAD#v=onepage&q=home%20inspection%20business&f=false Buyer's Choice. (2018). Tips for Starting Your Own Home Inspection Business. Retrieved from https://abuyerschoice.com/tips-starting-home-inspection-business/ Gomez, M. (2018). How To Start A Home Inspection Business | Startup Jungle. Retrieved from https://startupjungle.com/start-home-inspection-business/ Running head: POTENTIAL ENTREPRENEURIAL VENTURE Potential Entrepreneurial Venture 1 POTENTIAL ENTREPRENEURIAL VENTURE 2 Abstract The potential entrepreneurial venture I have interest in and would probably consider starting in the future is a home inspection business. For all people, purchasing a home is a huge investment that leads to the need for due diligence. The role of home inspectors is to provide real estate buyers with an unbiased, detailed, inspection of a home for buying. It is an entrepreneurial opportunity that runs in bust and boom cycles and needs training and certification to venture into it. Our business will thus focus on offering high quality ethical home inspection services that will give peace of mind and education to clients while at the same time offering enough profits for our business to continue operations. POTENTIAL ENTREPRENEURIAL VENTURE 3 a. Home Inspection Business Home inspection entrepreneurial venture is a service- oriented business that aims at providing professional, ethical, friendly, and quality conscious services for home inspection clients (BizPlanDb, 2014). The business will entail maintaining visibility and giving high-value services in the chosen marketing niche. In the local market, home inspection is already available but there is more opportunity for new businesses wishing to enter the market. Therefore, I will have the opportunity to offer education to home owners, buyers, and sellers concerning the components and systems of a home and teach them about the significant of maintenance. Furthermore, through professional home inspections, our business will provide quality services. Through these services, the venture will be able to generate enough profit to finance its development and offer the resources required to attain all the other goals of the business. b. Target Markets and Demographics The venture would start its operations at the San Francisco in North California. Our home inspection buyers will target three main segments; buyers, sellers, and owners of homes. Majority of the already existing home inspection business are only targeting the seller and buyer segments, providing pre-listing inspection and buyer homer inspection services. Our business would purpose to attract a smaller portion of the seller and buyer clients and a bigger portion of the owner segment (Buyer's Choice, 2018). Therefore, the business will target the three segments, but the major focus will be on the owners segment since it is not majorly invested in by other home inspection businesses. The owner’s segment size and the presence of only a few other firms in the industry makes this segment a very attractive market niche. c. Advantages that makes our Venture Competitive POTENTIAL ENTREPRENEURIAL VENTURE 4 For our venture to be competitive in the industry, it will work on three different advantages. First, the focus will be on the owner’s segment through providing maintenance inspection services that are not currently provided by other existing home inspection businesses. The focus will as well be on the other two segments which will help to bring more profits to the venture. Second, the enterprise will provide inspection services with high quality far above the ones provided by the existing companies. Quality services will make clients to recommend us to their family and friends. When clients get satisfaction from our services, they will be a point of positive reference to direct future customers to our business. Lastly, our team will be attending real-estate activities and functions and offer more opportunities for learning to the clients (BizPlanDb, 2014). Through this participation and effective marketing, the visibility of our business will be enhanced. d. Skills, Knowledge, and Experience Needed The minimum education qualification for a home inspector is a high school diploma. However, our organization would prefer to employ personnel with skills in building inspection, construction, engineering, drafting, and home inspection. Furthermore, the venture will require one to have good knowledge on local building codes and safety regulations. Experience as a building inspector can as well greatly help in achieving more success in our business. The experience will provide one with working knowledge on structural integrity and foundations of buildings (Buyer's Choice, 2018). Personal skills are as well very crucial in this venture as one has to effectively explain inspection details to buyers, sellers, and homeowners. When creating inspection reports, as an entrepreneur I will need to be detail oriented, communicate excellently and have adequate knowhow about mechanical issues. e. Benefits of the Venture to Potential Customers POTENTIAL ENTREPRENEURIAL VENTURE 5 There are several ways in which the potential customers to our venture will benefit. To begin with, they will be able to acquire services of high quality ethical home inspection. They will be educated on the issues to consider when selling, buying, or owning homes and other buildings. Through this they will be able to gain peace of mind when investing in the real estates. Secondly, the home owners, sellers, and buyers will be able to learn through seminars and educational courses about home components and systems and they will thus be able to make sound decisions when engaging in this business (Gomez, 2018). Lastly, the owner’s segment of our potential market will have the opportunity to effectively receive high quality maintenance inspection services that they are not getting from competing companies. f. Marketing of our Services Our Home Inspection services will be marketed through digital marketing. According to BizPlanDb (2014), the world today is commonly using the internet and they therefore discover brands online first. Therefore, creating a website and ensuring that it is available in search engine will make it possible to immediately have an added advantage over our rivals. Through leveraging digital marketing sites, the business will have a better chance of potential customers discovering us. Marketing through word of mouth recommendation and television will as well work well for our services. g. Risks to Consider The following risks should be considered both to the start-up and to the long-term viability of the home inspection business. First, the failure to recognize that home inspecting not all about creating a website and inspecting home brings a great risk to the business. The business will require hiring a home inspector with a complete approved training course and with a working license. The lack of training, certification, and licensing will make the business to face POTENTIAL ENTREPRENEURIAL VENTURE 6 the risk of failing (Gomez, 2018). The other risk is the assumption that marketing is not necessary. Therefore, during the start-up and in the long run successful marketing is very essential for any home inspection business. Lastly, the lack of adequate investment into the business is another serious risk to the business. Simply acquiring the certificate to start home inspection and considering it enough may be a big threat both duri ...
Purchase answer to see full attachment

Tutor Answer

DoctorChristine
School: UCLA

Hello, attached is t...

flag Report DMCA
Review

Anonymous
Tutor went the extra mile to help me with this essay. Citations were a bit shaky but I appreciated how well he handled APA styles and how ok he was to change them even though I didnt specify. Got a B+ which is believable and acceptable.

Similar Questions
Hot Questions
Related Tags
Study Guides

Brown University





1271 Tutors

California Institute of Technology




2131 Tutors

Carnegie Mellon University




982 Tutors

Columbia University





1256 Tutors

Dartmouth University





2113 Tutors

Emory University





2279 Tutors

Harvard University





599 Tutors

Massachusetts Institute of Technology



2319 Tutors

New York University





1645 Tutors

Notre Dam University





1911 Tutors

Oklahoma University





2122 Tutors

Pennsylvania State University





932 Tutors

Princeton University





1211 Tutors

Stanford University





983 Tutors

University of California





1282 Tutors

Oxford University





123 Tutors

Yale University





2325 Tutors